Forex Market Updates & Commentary

USDJPY rises to resistance, then falls to support
EURUSD holds 1.4010 support. Targets 1.4063
Forex Morning Report- Nov 2
GBPUSD shoots up to test key intraday resistance at 1.6033
EURUSD shoots higher. Eyeing support at 1.4004-10 now
Bobbys Corner-Market Open-Nov.2.2010
NY Opening Forex Commentary:US Election and FOMC to dominate
UK Construction PMI weaker than expected
Eurozone Final Manufacturing PMI
Aussie fails to break above 1.0000, possible pullback
11-2 Economic Calendar
RBA Comments:
RBA raised cash rate 25 basis points to 4.75%
Aussie rate decision at 11:30 est
FXDD quoted in www.bloomberg.com and www.Reuters.com articles today

USDJPY rises to resistance, then falls to support

Posted: 02 Nov 2010 07:16 AM PDT

EURUSD holds 1.4010 support. Targets 1.4063

Posted: 02 Nov 2010 06:48 AM PDT

Forex Morning Report- Nov 2

Posted: 02 Nov 2010 06:30 AM PDT

Forex Morning Report- Nov 2

GBPUSD shoots up to test key intraday resistance at 1.6033

Posted: 02 Nov 2010 06:01 AM PDT

EURUSD shoots higher. Eyeing support at 1.4004-10 now

Posted: 02 Nov 2010 05:42 AM PDT

Bobbys Corner-Market Open-Nov.2.2010

Posted: 02 Nov 2010 05:41 AM PDT

Good Morning:

Today is mid term election day in the US. With the entire US House of Representatives, 37 Senate seats and 37 state governor houses up for re election-tomorrow we will most likely wake up to a new political “face” in the US Congress and 37 states.

Also congratulations to the San Francisco Giants for winning the World Series (their first since 1954).

Now to the markets: The USD lost ground overnight, and stock markets rose ahead of the Fed’s QE2 announcement tomorrow afternoon. The Fed is expected to start a new round of stimulus tomorrow. Speculation is that part of that plan will be the purchase of at least $500 mil USD of long term securities.
This new round of stimulus, along with election results, will most probably keep the greenback under pressure.

In a surprise move the RBA (Reserve Bank of Australia) raised their benchmark interest rate 25bps. This move took the markets off guard. Their concerns include the chance of inflation rising over the long term, and they look to stem that by acting accordingly and early.

World equity markets rose, as are US Futures.

Oil:$83.98 Gold:$1357.80

No Major Data due out today.

HAVE A GREAT DAY & GOOD LUCK

NY Opening Forex Commentary:US Election and FOMC to dominate

Posted: 02 Nov 2010 04:54 AM PDT

The EURUSD has resistance at the 1.4004 to 1.4010 level. Support at the 1.3943 level. The pair was propelled higher on the back of better PMI data today. With the US focused on QE and the ECB looking to keep rates where they are, the bias remains positive.

The GBPUSD has suffered after the worse than expected PMI Construction. Support comes in at 1.5951. The 100 hour MA is approaching that level as well. On the topside staying below the 1.6005-07 level should be resistance.

USDJPY squeezed higher but ran against resistance at the 100 hour MA at 80.92 level. The 38.2% of the move down from the October 27th high comes in at the 80.91 level. A move above targets 81.12. Belwo 80.84 is close support but key support for the pair.

AUDUSD moved higher after a surprise increase in rates by the Reserve Bank of Australia to 4.75 from 4.5%. The pair moved above parity to a new high of 1.0011 but found profit takers. A break higher targets 1.0070. Support comes in at 0.9962 and 0.9943.

We do have a webinar today at 4PM ET. To register go to http://forex.fxdd.com/92814/misc/fxdd-webinar-tuesday-nov-2nd-2010

UK Construction PMI weaker than expected

Posted: 02 Nov 2010 02:53 AM PDT

UK Construction PMI came in at 51.6, weaker than the 53.1 expected.

Gbp/Usd came off considerably on news , currently trading at 1.6015.

Eurozone Final Manufacturing PMI

Posted: 02 Nov 2010 02:08 AM PDT

Eurozone Final Manufacturing PMI was revised stronger by 0.5 to 54.6.

Eur/Usd has made new highs on the heels of news, currently trading at 1.3973.

Aussie fails to break above 1.0000, possible pullback

Posted: 02 Nov 2010 12:49 AM PDT

Aud/Usd failed in its first attempt to trade above 1.0000. The pair has given back about 25 points of its recent gains. The 38.2% fibo retracement of move up from .9814 to 1.0001 lies at .9929. This level should act as support if this pullback continues. A clean break above 1.0000 - 1.0010 may send pair considrably higher, so proceed with caution using tight stops.

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